Last week, Nikki Glaser offered a poignant observation to the attendees of the Golden Globes: Making art isn’t about chasing awards, but about leveraging popularity into a successful business. This humorous yet insightful comment resonated with the audience, or in other words, the Hollywood glitterati, who are increasingly flirting with entrepreneurial ventures outside their traditional acting roles.
Attendee Selena Gomez was a perfect example of this trend. Nominated for her performance in ‘Only Murders in the Building’ and ‘Emilia Peréz,’ Gomez has also made significant inroads in the cosmetics industry with her line, Rare Beauty. It was clear that the musician turned actress has now added another feather to her already distinguished cap — becoming a beauty mogul.
Ariana Grande, another singer turned actress, was also seen in the audience, who has followed a similar route as Gomez. Grande has her own cosmetics brand that complements her entertainment career, providing her with more control and potentially larger earnings.
Yet, actors aren’t just pivoting to the beauty and cosmetics industry. Looking for alcoholic beverages? You might check out Ryan Reynolds’ gin brand, or perhaps Brad Pitt’s rosé. Whose name is on your tequila bottle? Could it be big shots like George Clooney, Kendall Jenner, or Dwayne Johnson? All these heavyweights have poured their celebrity clout into establishing successful tequila brands.
For those with parenting needs, actress Jessica Alba offers a range of baby products and diapers through her Honest Company. It appears that Hollywood stars are finding every corner of the retail market as a playground for their new business enterprises.
There’s also Kate Hudson’s Fabletics for fitness enthusiasts looking for quality workout gear. Need something for menopause? Naomi Watts has got you covered with Stripes, her own brand of menopause products.
Gone are the days when a celebrity would suffice being the face of a brand in advertising campaigns. Today’s celebrities want a more significant part of the pie; they wish to own the brand itself. This shift in approach allows them more power over their brands and potentially leads to heftier profits, albeit with bigger financial risks in the business world.
Why are Hollywood personalities choosing this path? One reason is that a successful side business serves as a financial cushion against the uncertain whims of the entertainment industry. Careers in Hollywood can be fleeting, and gigs may become scarce. However, a well-established brand can keep the revenue flowing, even if roles dry up.
Streaming services have also significantly reshaped the landscape, with fixed pricing models making it difficult for actors to earn big paydays based on viewership numbers. In a sense, launching an independent brand creates a degree of financial security that the unpredictability of the movie and TV industry can’t always guarantee.
Impressively, these side ventures can provide a more reliable and steady income stream that could last long after the lights of their acting career dim. This observation isn’t just idle speculation. Bruno Maglione, the president for licensing at the talent agency IMG, has stated that a flourishing brand can generate financial returns for years to come, even when the acting career stagnates or ends.
Indeed, in some cases, these actors make more from the revenue of their brands than what they earn from their acting careers. Selena Gomez, for instance, is rumored to be a billionaire, thanks largely to her brand’s exponential growth.
Undeniably, this emerging trend points towards a broader paradigm shift within the entertainment industry. More and more actors are becoming businessmen and businesswomen, directing their influence and capital towards entrepreneurial endeavors outside the realm of performing arts.
Moreover, this isn’t limited to actors only. Musicians, comedians, sports stars and reactions from almost every vertical of the entertainment industry are embracing business ventures, cascading their fame into profitable brands of various sorts.
So it appears Nikki Glaser was right. The art of today may not be confined to creating award-winning performances or chart-topping tunes, but it certainly includes establishing and developing successful brands.
To sum it all up, the point made by Nikki Glaser is that art is not a means to win an award anymore, but a platform to start a thriving business that could overshadow the fame and fortune earned from their original craft.